Online payment systems operator PayPal Holdings (NASDAQ:PYPL) has filed a bitcoin-related patent for a new processing system that could speed up transactions.
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PayPal’s filing is for an “expedited virtual currency transaction system.”
According to PayPal’s patent, virtual currencies have revolutionized money transfer and payment technology by allowing for peer-to-peer transfer of value between users. The decentralized nature of these digital currencies, however, has created a need to confirm transactions. According to the patent filing, these transactions, with bitcoin, can take more than 10 minutes.
PayPal’s patent involves using private keys to improve processing systems.